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Azerbaijan records current account surplus in 2022

Finance Materials 30 March 2023 14:15 (UTC +04:00)
Azerbaijan records current account surplus in 2022
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, March 30. Azerbaijan recorded a current account surplus in 2022, Trend reports via the Central Bank of Azerbaijan (CBA).

According to the CBA, this rate increased by 2.83 times compared to 2021, from $8.3 billion to $23.5 billion (29.8 percent of Azerbaijan's GDP).

The current account surplus in the oil and gas sector increased by two times, reaching $28.1 billion in 2022. The non-oil sector recorded a deficit of $5.2 billion (a decrease of 9.4 percent).

As the CBA noted, in 2022, the volume of foreign trade turnover in Azerbaijan amounted to $54.4 billion. Some 10.3 percent of the volume of foreign trade turnover fell in the CIS countries, while 89.7 percent - in other countries of the world.

In the export structure, the volume of which amounted to $40.8 billion (an increase of 1.9 times), oil and gas exports accounted for $35.3 billion (an increase of two times).

Furthermore, in the structure of imports ($13.509 billion - an increase of 29.7 percent), consumer goods accounted for $5.737 billion.

The CBA noted that the average price for oil in 2022 totaled $104 per barrel.

In 2022, the overall balance of Azerbaijan's balance of payments amounted to $9.375 billion, which is 3.1 times higher than in the same period in 2021.

The CBA expected the current account surplus of the balance of payments to be at the level of 23-25 percent of GDP in 2022.

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